Describe the difference between satisfaction and perceived value
What will be an ideal response?
Customer perceived value is the result of comparing purchasing alternatives, allowing a customer to change its future product or service offerings to better suit its customers. Customer satisfaction, comparing past experience or expectations to the realities experienced, is reactive and retrospective. Organizations offer product or service features to their customers, but what the customers are really buying is the benefits those products or services offer. Perceived value is the customer's viewpoint of those benefits. Customer satisfaction, on the other hand, centers around how they felt the last time they bought a product or service from a company. It is a comparison between customer expectations and customer experience. Perceived value goes beyond customer satisfaction and concentrates on future transactions. Consumers' perception of the value they have received in the recent transaction will affect their future decision to purchase the same thing again. If they perceive their overall experience with the product or service as valuable, they will most likely purchase in the future, if they do not, they won't. Effective organizations realize that how the customer perceives the value of that transaction will determine whether or not they will buy from the same organization the next time.
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